Shulou(Shulou.com)11/24 Report--

CTOnews.com, Nov. 12 (Xinhua)-- according to the Wall Street Journal, an internal notice showed that Walt Disney CEO Bob Chapek announced company-wide cost-cutting measures on Friday local time and told department leaders that the company might cut jobs.

These cost-cutting measures include a ban on all travel except necessary business travel and a freeze on all recruitment except for a few key positions. Disney previously reported a quarterly loss of $1.5 billion (10.68 billion yuan) for its streaming business, which far exceeded Wall Street analysts' expectations.

In a notice to all senior vice presidents or above, Bob Chapek said a working group led by Christine McCarthy, chief financial officer and Horacio Gutierrez, chief legal counsel, would review marketing, content and administrative expenses across the company and make recommendations for savings.

CTOnews.com learned that Disney reported revenue of $20.15 billion (about 143.468 billion yuan) and profit of $162 million (about 1.153 billion yuan) in the fourth quarter of fiscal 2022 ended October 1, up 1% from a year earlier.

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